Hyundai Motor Group held its 2020 New Year ceremony at its headquarters in Seoul, outlining its priorities and strategic direction. It wants to use sustainable growth in various industries. We enter 2020 as the “inaugural year for securing its future industrial leadership,” claimed Euisun Chung, Executive Vice Chairman.
The plan focuses on securing Hyundai’s leadership in the vehicle electrification, expansion of hydrogen industry ecosystem and self-driving commercialization, as well as the progressive expansion of its mobility services businesses.
In the 2019 New Year’s address, Chung highlighted the Group’s key objective as “taking a leap as a game changer capable of setting the rules of the market.” The objective has served as a guiding principle for the Group’s comprehensive transformation covering everything from large-scale investments and partnerships to micro-level operations, as effectively carried out throughout 2019.
Building on these improvements, Chung indicated Hyundai’s strong desire to produce tangible results in future business areas starting from 2020. Chung claimed the Group’s objectives for this year and beyond as achieving innovations in technology, business, corporate culture and customer prioritization.
His New Year remarks included:
- HMG to enhance leadership in vehicle electrification, autonomous driving and mobility services
- HMG to operate 44 electrified models by 2025 including 11 BEV models
- HMG to commercialize autonomous driving technology by 2023
- HMG to offer human-centered smart mobility solutions and pursue new businesses
- HMG to invest more than KRW100 trillion (more than $85 billion) over next 5 years
- HMG to improve business competitiveness via cost innovations with new ideas and technologies
- EVC emphasizes nurturing a creative mindset like a startup entrepreneur and applying it in businesses
- HMG to prioritize customers amid its pursuit of change and to maximize shareholder value
“To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated BEV models, by bolstering the development of EV platforms and core components,” he explained.
The Group’s electrified lineup, which comprised 24 models in 2019, will be expanded to 44 models by 2025, including 13 hybrids, six plug-in hybrids, 23 battery electric vehicles and two fuel- cell electric vehicles.
In particular, the BEV lineup will increase to 23 models by 2025 from last year’s nine models, with the first dedicated BEV model to be launched in 2021. A new EV architecture development system will be introduced and applied to models slated for launch in 2024.
This year, the Group will further bolster the sales of electrified models, adding hybrid and plug-in hybrid variants to its best-selling SUV models, including Kia Sorento, Hyundai Tucson and Hyundai Santa Fe.
“The happiness of customers remains the core value and true asset of our Group,” says Chung.
We will see if the stockholders are happy as well.